Global Industrial Cybersecurity Market Size, Share & Trends Analysis Report, By Component, By Security Type, By Industry, By Deployment Mode, By Region Forecasts, 2023 – 2030

Global Industrial Cybersecurity Market Size, Share & Trends Analysis Report, By Component, By Security Type, By Industry, By Deployment Mode, By Region Forecasts, 2023 – 2030

The Industrial Cybersecurity Market was amounted at US$ 21.2 billion in 2022 and is projected to grow to US$ 45.8 billion by 2030 at CAGR of 9.8% during 2023-2030.

Throughout the projected time, a range of critical factors are expected to propel the growth of the global industrial cybersecurity market. These include the rise in disruptive digital technology and the frequency and sophistication of cyberattacks. In addition, the quick uptake of BYOD and IoT along with a rise in the need for cloud-based cybersecurity solutions is anticipated to support market expansion. However, the marking expansion is hampered throughout the projection period in developing nations due to a lack of knowledgeable and experienced personnel as well as a lack of awareness. The market is poised for significant expansion due to factors like the use of cutting-edge technologies like artificial intelligence, big data, and 5G, as well as increased investments in the creation and introduction of sophisticated industrial cybersecurity solutions. Nonetheless, it is anticipated that vulnerabilities in IoT devices would provide obstacles to the expansion of the worldwide industrial cybersecurity industry.

“Endpoint security segment, by security type, to be dominating market from 2023 to 2030.”

This category has a substantial market share because of the exponential increase in endpoint device counts and the rising need for endpoint security solutions to safeguard various enterprise networks. However, over the course of the projected period, the CAGR for growth in cloud application security is probably going to be the greatest. This is mostly because the manufacturing industry is using cloud computing more and more. The market for network security, end-point security, and internet security is expected to grow gradually throughout the forecast period. The industry is growing as a result of the growing need for dependable and secure security solutions in a variety of industries, including energy, food & beverage, automotive, and others.

“North America to be largest region in industrial cybersecurity market.”

Many North American businesses are having trouble putting industrial cybersecurity risk management programmes into place as a result of shifting business requirements and the requirement to use Industrial Internet of Things (IIoT) technologies. Additionally, it is anticipated that large corporations will invest more in their global growth, which will drive market expansion in North America. The growth of the area is mostly attributable to important companies like Cisco System, Inc., CyberArk Software Ltd., and Rockwell Automation, Inc. Moreover. The market for industrial cybersecurity in North America is expected to expand faster than in other regions as a result of major corporations making more of an attempt to expand globally. For example, CyberArk Software Ltd. introduced CyberArk, an AI-based Cloud Entitlements Manager, in November 2020. The system was created to improve the security of cloud infrastructure across industries.

Asia Pacific is anticipated to be region with the highest CAGR during the projection period. Large corporations are focusing their efforts in countries like China, India, Taiwan, Japan, Australia, South Korea, and other ASEAN countries to use cloud-based security apps. More than 70% of workers in these countries' industrial sectors are employed by small and medium-sized businesses as well as startups. The expanding BYOD trend, the complexity of business, and the speed at which companies are becoming digital and virtualized will all push small and medium-sized businesses to use a range of industrial control systems and services. These SMEs may be helpful to industrial cybersecurity vendors who serve clients in the manufacturing, transportation, and energy industries.

Industrial Cybersecurity Market Competitive Landscape

The competitive landscape of the Industrial Cybersecurity market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of industrial cybersecurity components holds the potential for profitability. This is due to its versatile applications across various industries and its alignment with products. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Industrial Cybersecurity market is highly competitive, with numerous companies vying for market share. Prominent companies in the Industrial Cybersecurity Market include:

ABB Ltd., Broadcom Inc., Bayshore Networks, Inc., Check Point Software Technologies Ltd., Dell Inc., F5, Inc., Cisco Systems, Inc., Fireeye, Inc., Honeywell International Inc., Fortinet, Inc., IBM Corporation, Kaspersky Lab, Juniper Networks, Inc., Mcafee, Llc (Intel Security), Oracle Corporation, Microsoft Corporation, Palo Alto Network, Inc., Rockwell Automation, Inc., Proofpoint, Inc., RSA Security LLC, Siemens AG, Schneider Electric, Splunk Inc., Symantec Corporation (Nortonlifelock Inc.), Trend Micro, Inc. and others.

Recent Developments:

Honeywell released its cutting-edge operational technology cybersecurity solutions to customers in November 2022 with the goal of helping them protect the dependability, safety, and availability of their industrial control systems and operations. The solutions, which include an upgraded Cyber App Control dashboard and a new Advanced Monitoring and Incident Response dashboard, are intended to give businesses sophisticated threat detection around-the-clock protection against the growing attack surface of their industrial control systems.

ABB introduced ABB Ability Cyber protection Workplace in September 2022 to strengthen the protection of critical industrial infrastructure. This digital platform integrated ABB and external security technologies into one comprehensive unit. Engineers and operators may be able to recognise problems and take corrective action more quickly by streamlining and organising cyber security information, which would lower risk exposure.

The innovative neural network cybersecurity tool OPSWAT Neuralyzer, which was unveiled in September 2022 by OPSWAT, a leading provider of cybersecurity solutions for critical infrastructure protection, empowers operational technology staff to safeguard their critical environments and supply chain by means of inventory management, asset discovery, vulnerability, network visibility, and risk management. Neuralyzer's simple out-of-the-box installation and intuitive OT interface allow it to provide visibility into OT networks and dangers in less than five minutes. The machine learning technology based on neural networks that powers all of these features.

In order to help SMEs protect vital infrastructure from breaches, Siemens Energy announced in October 2020 the introduction of Managed Detection and Response (MDR), a new industrial cybersecurity service powered by Eos.ii and based on artificial intelligence. This technology platform, developed by MDR, gathers and models real-time energy asset intelligence through the application of artificial intelligence and machine learning algorithms.